Historical Timeline

The 1700's

The Mid-1700's

The colonies have no banking system and no common currency. European banks and governments are meeting capital needs. While foreign coins and some colonial paper money is in circulation, bartering is a common means of payment.

1782

The Bank of North America, established by the Continental Congress, becomes the first chartered bank in the U.S.

1784

The state of New York charters The Bank of New York.

1791

The U.S. charters the First Bank of the United States—the government's first attempt at a central bank. The bank has a 20-year charter, which is not renewed. In 1811, the bank is bankrolled by New York merchants and chartered by the state of New York. Today the bank is known as Citibank.

U.S. Presidentsduring the 1700's

George Washington (1789-1797) John Adams (1797-1801)

1799

A group of New York investors establish the Bank of Manhattan to fund construction of a water supply for New York City. The state of New York charters the bank.